Peter Schiff, a renowned financial commentator and a long-time Bitcoin critic, has once again voiced his skepticism regarding the leading cryptocurrency, predicting its fall below the $58,000 mark.
Not Digital Silver
In his latest post, Peter Schiff dismissed the comparison between Bitcoin and gold, asserting that the cryptocurrency doesn't even match the value of silver. He noted, 'Bitcoin is not only not digital gold, it’s not even digital silver.'
Value Questioned
Amid rising prices of silver and gold, Schiff continues to emphasize Bitcoin's inability to compete with traditional assets. Currently, silver is priced above $31 per ounce, while gold has recently hit a record high of $2,586 per ounce.
Market Sentiment Turns Bearish
The Bitcoin market is under pressure, as evidenced by the 'Fear and Greed Index' dropping to 39 out of 100, indicating a sharp decline in sentiment compared to the previous day.
In conclusion, Peter Schiff's skepticism about Bitcoin continues to influence the financial community, drawing significant interest with his predictions.
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